PZA vs SCMB
Invesco National AMT-Free Municipal Bond ETF against Schwab Municipal Bond ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
25%
2372 shared positions
Fee gap
25 bp
SCMB is cheaper
1-year return gap
2.6 pts
SCMB is ahead
Larger fund
PZA
$4.1B
Side by side
| PZA | SCMB | |
|---|---|---|
| Fund | Invesco National AMT-Free Municipal Bond ETF | Schwab Municipal Bond ETF |
| Issuer | Invesco | Schwab |
| Category | National Muni | National Muni |
| Expense ratio | 0.28% | 0.03% |
| Assets | $4.1B | $4.0B |
| Average daily dollar volume | $100M | $157M |
| Listed | Oct 11, 2007 | Oct 11, 2022 |
| FrenzyCap score | 80 | 99 |
| 1-month return | −2.0% | −0.2% |
| 3-month return | −6.6% | −3.7% |
| Year to date | −7.2% | −5.0% |
| 1-year return | −8.0% | −5.4% |
| 30-day volatility | 8.9% | 7.1% |
| Worst drawdown, 1 year | −10.4% | −8.7% |
| Trailing 12-month yield | 4.11% | 3.75% |
| Holdings | 6,664 | 6,845 |
| Top 10 weight | 1.0% | 1.9% |
| Look-through P/E | — | — |
| Holdings vs fair value | — | — |
| Holdings above 200-day average | — | — |
| Net flow, latest 3 reported months | +$400M thru May 2026 | +$390M thru Jun 2026 |
| 30-day implied volatility | 21.5% | — |
| Holdings as of | as of May 31, 2026SEC filing | as of Jun 30, 2026SEC filing |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
46% of PZA · 40% of SCMB| Holding | PZA | SCMB |
|---|---|---|
| New York (State of) Dormitory Authority 5.5%, due Jul 1, 2054 | 0.12% | 0.08% |
| New Jersey Transportation Trust Fund Authority 5%, due Jun 15, 2055 | 0.09% | 0.08% |
| Jefferson (County of), AL 5.25%, due Oct 1, 2049 | 0.09% | 0.07% |
| Salt River Project Agricultural Improvement & Power District 5%, due Jan 1, 2048 | 0.07% | 0.13% |
| Salt River Project Agricultural Improvement & Power District 5.25%, due Jan 1, 2055 | 0.10% | 0.07% |
| Triborough Bridge & Tunnel Authority (Green Bonds) 5.25%, due May 15, 2054 | 0.07% | 0.09% |
| New York (City of), NY Transitional Finance Authority 5.25%, due Feb 1, 2053 | 0.07% | 0.07% |
| Texas Water Development Board 4.75%, due Oct 15, 2050 | 0.07% | 0.08% |
| Chicago (City of), IL Transit Authority 5%, due Dec 1, 2049 | 0.07% | 0.14% |
| Oklahoma (State of) Turnpike Authority (Senior Bonds) 5.5%, due Jan 1, 2054 | 0.07% | 0.08% |
| New York City Municipal Water Finance Authority 5.25%, due Jun 15, 2055 | 0.08% | 0.06% |
| Massachusetts (Commonwealth of) 5%, due May 1, 2053 | 0.06% | 0.14% |
| New York (City of), NY Municipal Water Finance Authority 5.25%, due Jun 15, 2055 | 0.06% | 0.14% |
| New York (State of) Dormitory Authority 4%, due Feb 15, 2047 | 0.11% | 0.06% |
| New York City Transitional Finance Authority Future Tax Secured Revenue 5%, due May 1, 2051 | 0.06% | 0.07% |
| New Jersey (State of) Economic Development Authority (Portal North Bridge) 5%, due Nov 1, 2052 | 0.06% | 0.09% |
| Commonwealth of Massachusetts 5%, due Apr 1, 2055 | 0.06% | 0.16% |
| New York (City of), NY Transitional Finance Authority 5%, due Nov 1, 2053 | 0.06% | 0.11% |
| New York State Urban Development Corp. 4%, due Mar 15, 2045 | 0.08% | 0.06% |
| New York (City of), NY 5%, due Aug 1, 2047 | 0.06% | 0.08% |
| Jefferson (County of), AL 5.5%, due Oct 1, 2053 | 0.08% | 0.06% |
| New York (City of), NY Municipal Water Finance Authority 4%, due Jun 15, 2051 | 0.06% | 0.06% |
| Massachusetts (Commonwealth of) 5%, due Jan 1, 2054 | 0.08% | 0.06% |
| California (State of) Educational Facilities Authority (Stanford University) 5%, due May 1, 2049 | 0.09% | 0.06% |
| Triborough Bridge & Tunnel Authority 5.25%, due May 15, 2059 | 0.06% | 0.07% |
Sector mix of the stock holdings
No sector breakdown: these funds hold few classified stocks.
More: full overlap table · PZA holdings · SCMB holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.